Frank Mary Labor Hours Needed to Make 1 Unit of Beef 2 4 Pork 5 2 Number of Units Produced in 40 Hours Beef 20 10 Frank's opportunity cost of producing pork is O2.5 units of beef This is higher than Mary's opportunity cost of producing pork 2.5 units of beef. This is lower than Mary's opportunity cost of producing pork O2/5 units of beef. This is lower than Mary's opportunity cost of producing pork. 2/5 units of beef This is higher than Mary's opportunity cost of producing pork Pork 8 20

Frank Mary Labor Hours Needed to Make 1 Unit of Beef 2 4 Pork 5 2 Number of Units Produced in 40 Hours Beef 20 10 Frank's opportunity cost of producing pork is O2.5 units of beef This is higher than Mary's opportunity cost of producing pork 2.5 units of beef. This is lower than Mary's opportunity cost of producing pork O2/5 units of beef. This is lower than Mary's opportunity cost of producing pork. 2/5 units of beef This is higher than Mary's opportunity cost of producing pork Pork 8 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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R Imagine that it costs $40 in the United States to produce one ton of soybeans and transport them to market, while it costs $30 in Brazil to produce one ton of soybeans and transport them to market Imagine that it costs $20,000 in the United States to produce one automobile and transport it to maket, while costs $10,000 in Brazil to produce one automobile and transport it to market. Which of the following four arrangements would be most efficient? (Hint: Derived OC from PPF (production) = 1/OC derived from costs to make ) a. The United States should produce everything, since it can produce both soybeans and automobiles better than Brazil can produce them. Ob. Brazil should specialize and produce only automobiles. The United States should specialize and produce only soybeans. Then the two countries should trade with each other. Brazil will send automobiles to the United States, while the United States sends soybeans to the Brazil. Oc. The United States should specialize and produce…
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I want to see if my understanding of the opportunity cost tabel is correct.